Mr Randi, who has been a constant thorn in the side of Yuri Geller and others who claim extraordinary powers, said that 13 individuals from Britain are competing for the money he has offered to the first person demonstrating paranormal gifts under scientifically controlled conditions.
One man claims to be a human magnet who can pick up paperclips with his forehead, another says he can rewrite the works of Isaac Newton and a third is a woman who claims she can read other people's minds.
Mr Randi, who took part in a session at the British Association on the rise of the paranormal at the end of the millennium, said nobody had been able to convince him scientifically of paranormal powers and he believes his money will be safe. "Geller says he does his spoon bending by divine means. I do it by tricks. If he's doing it by divine means then he's doing it the hard way," Mr Randi added.